By Joy Baba-Yesufu
Flour Mills of Nigeria Plc has informed the Nigerian Exchange Limited (NGX) and the investing public of the plans by its majority shareholder, Excelsior Shipping Company Limited to buy out the minority shareholders.
The transaction will be implemented by way of scheme of arrangement between the Company and its shareholders.
This is pursuant to Section 715 of the Companies and Allied Matters Act, 2020, as amended (‘the Act’) between the Company and the holders of the fully paid up ordinary shares of 50 kobo each in the Company (“the Shareholders”).
Already, Flour Mills has received regulatory ‘No Objection’ by the Securities and Exchange Commission (SEC) and has the Order of the Federal High Court sitting at Lagos to hold a meeting on Thursday, November 14, 2024.
The Court Ordered Meeting will be convened for the purpose of considering and if thought fit, approving, with or without modification, a scheme of arrangement (“the Scheme”).
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